World's Second Richest Man Tries To Save Citibank

What is this? The billionaires’ new charity?

Telegraph: An investment firm owned by Mexican billionaire Carlos Slim has purchased a 0.5pc stake in the bank, for approximately $150m. (£98m)

It is not known whether he believes Citigroup is undervalued, or is positioning himself should the bank wish to sell off some of its Latin American assets following this week’s rescue by the US Treasury and the Federal Reserve.

Nevertheless, investors appeared pleased with the arrival of the telecoms billionaire on the share register, with Citigroup shares rising 65 cents at $6.73.

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